COMM 320 Chapter Notes - Chapter 1-10: Trade Dress, Niche Market, Adverse Selection

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3 primary reasons that people become entrepreneurs and start their own irms: desire to be their own boss, desire to pursue their own ideas. Types of start-up irms: salary substitute irms, lifestyle irms, entrepreneurial irms, women entrepreneurs, minority entrepreneurs. Impact on society; enhances our productivity & improve health. Impact on larger irms; help larger irms become more eicient and efective. The 4 entrepreneurial process: deciding to become an entrepreneur, developing successful business ideas, moving from an idea to an entrepreneurial irm, managing and growing the entrepreneurial irm. 3 ways to identify an opportunity: observing trends. Economic forces: state of economy, level of disposable income, consumer spending patterns. Ex. a weak economy favors start-ups that help consumer save money (gasbuddy. com) Social forces: social and cultural trends, demographic changes, what people think is in . It alter how people/businesses behave; accommodate the changes. Ex. increased diversity, social network, focus on health, interest in green .

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